Listing Agency: RE/MAX Preferred f***@remaxwisconsin.com Show Phone

Listed By: Justin Witkins · License #58265-90 Show Phone

Source: Exprealty

Added: Oct 8 Changed: Oct 11 Last Checked: Oct 13 at 1:15AM

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Investment Insights

Based on property information with market context.

Planned as a 16-unit commercial condominium project, this flex space development is projected to begin construction in Spring 2027. Each unit offers 1,163 square feet, a 25-by-46.5-foot footprint, and 18-foot clear height. Included features are a Modine heater, private bathroom, overhead garage door, service door, and 100-amp electrical service. Mezzanines, air conditioning, and higher-capacity power are available as build-out options, and multiple units may be combined.

The property is at 5-811 S Division St in Waunakee, near downtown and a short drive from Hwy 113 and Hwy 19. I-1 zoning applies. Condo fees cover snow removal, lawn care, trash, water and sewer, and parking. These are non-residential units.

Key Highlights

• 16‑unit commercial condo development projected to break ground in Spring 2027
• 1,163‑square‑foot units with a 25' x 46.5' footprint and 18' clear height
• Modine heater, private bathroom, overhead garage door, and separate service door

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,865

Cap Rate

5.33%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$277,300 $277.3K

Cap Rate 7%

$198,071 $198.1K

Cap Rate 9%

$154,056 $154.1K

Market Conditions

NOI Build-Up for 1,163 SF

Gross rent

$16.7K $14.40/SF

− Vacancy

−$435 −$0.37/SF

EGI

$16.3K $14.03/SF

− OpEx

−$2.4K −$2.10/SF

NOI

$13.9K $11.92/SF

Area

Dane County, WI

Vacancy

2.60%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$277,300

Cap Rate 7%

$198,071

Cap Rate 9%

$154,056

Alternative Uses

Best Use

Warehouse

$198.1K

$173.3K – $231.1K (±1% cap)

NOI $13,865 @ 7.0% cap · market cap 5.33%

Second Best

Industrial

$163.1K

$142.7K – $190.3K (±1% cap)

NOI $11,418 @ 7.0% cap · market cap 4.39%

Theoretical Best

Office A

$270.3K

$236.5K – $315.3K (±1% cap)

NOI $18,918 @ 7.0% cap · market cap 7.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Restaurant Auto Repair Shop Law Firm Big Box & Wholesale Store Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

391

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53597, WI

20,729

Population

8,323

Households

2.5

Avg Household Size

41

Median Age

58%

College-Educated

98%

High-School Grad

52.9 sq mi

ZIP Area

392

Density / Sq Mi

$114,542

Median Household Income

$63,700

Median Earnings

$1,336

Median Rent

$462,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - A new commercial condo offers customizable interiors, private restrooms, overhead doors, and I-1 zoning.

Where is this flex space located?

The property is located at 5-811 S Division St Waunakee, WI.

What is the asking price?

The asking price for this property is $260,000.

What are key features of this property?

This property features: 16‑unit commercial condo development projected to break ground in Spring 2027; 1,163‑square‑foot units with a 25' x 46.5' footprint and 18' clear height; Modine heater, private bathroom, overhead garage door, and separate service door